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January 20, 2022
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African Startup Raises $6 Million From Pre-Series A Funding Round – Emerging Markets Bitcoin News

Africa Blockchain Lab lately stated it has raised $6 million from a pre-Series A funding spherical and can use the capital to fund the launch of a crypto pockets.

Driving Adoption of Cryptocurrencies

An African crypto startup, Africa Blockchain Lab, lately confirmed it has acquired $6 million from a pre-Series A funding spherical. The spherical was led by a consortium of world in addition to African enterprise capital companies like Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures.

Global buyers that took half on this spherical embrace Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, and Despace.

According to a Tech Space Africa report, the startup is planning to make use of the capital raised to fund the launch of its crypto pockets generally known as Vibra. The report additionally quotes Africa Blockchain Lab’s co-founder, Vincent Li, who explains the startup’s mission and the way it will use the monetary backing it has acquired to drive the adoption of cryptocurrencies throughout the African continent. He stated:

With the backing from our strategic buyers, we intend to convey world-class tech stacks, initiatives and innovation to the African continent, beginning with our first product VIBRA.

Inclusive Financial Ecosystem

Meanwhile, the identical report quotes Steven Grin of Lateral Frontiers explaining why the enterprise capital agency participated within the pre-Series A spherical. He additionally highlighted his agency’s perception that “crypto can realize its potential as a technology and asset on the continent.”

Pardon Makumbe, Managing Partner at CRE Venture Capital stated: “We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners.”

What are your ideas on this story? Tell us what you suppose within the feedback part beneath.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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